Royal Bank of Canada Acquires 15,949 Shares of Alkami Technology, Inc. (NASDAQ:ALKT)

Royal Bank of Canada increased its holdings in shares of Alkami Technology, Inc. (NASDAQ:ALKT) by 2.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 699,335 shares of the company’s stock after purchasing an additional 15,949 shares during the quarter. Royal Bank of Canada owned 0.70% of Alkami Technology worth $25,652,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. Alliancebernstein L.P. boosted its position in Alkami Technology by 5,747.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,707,329 shares of the company’s stock worth $99,305,000 after acquiring an additional 2,661,027 shares during the last quarter. Champlain Investment Partners LLC acquired a new position in Alkami Technology during the 4th quarter worth approximately $57,772,000. Invesco Ltd. boosted its position in Alkami Technology by 353.1% during the 4th quarter. Invesco Ltd. now owns 1,456,136 shares of the company’s stock worth $53,411,000 after acquiring an additional 1,134,746 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Alkami Technology by 278.2% during the 4th quarter. JPMorgan Chase & Co. now owns 1,435,370 shares of the company’s stock worth $52,649,000 after acquiring an additional 1,055,828 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Alkami Technology by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 7,447,851 shares of the company’s stock worth $273,187,000 after acquiring an additional 843,129 shares during the last quarter. 54.97% of the stock is owned by institutional investors.

Alkami Technology Trading Down 0.7%

Shares of Alkami Technology stock opened at $29.02 on Friday. The business has a fifty day simple moving average of $26.80 and a two-hundred day simple moving average of $32.26. Alkami Technology, Inc. has a 1 year low of $21.70 and a 1 year high of $42.29. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of -61.74 and a beta of 0.56. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.52 and a quick ratio of 3.52.

Alkami Technology (NASDAQ:ALKT) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.13). The firm had revenue of $89.66 million for the quarter, compared to the consensus estimate of $89.63 million. Alkami Technology had a negative return on equity of 11.31% and a negative net margin of 14.55%. Research analysts forecast that Alkami Technology, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other Alkami Technology news, insider Douglas A. Linebarger sold 4,358 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $30.41, for a total transaction of $132,526.78. Following the transaction, the insider now owns 244,404 shares in the company, valued at $7,432,325.64. This trade represents a 1.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO W Bryan Hill sold 17,409 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $30.41, for a total value of $529,407.69. Following the transaction, the chief financial officer now owns 450,620 shares in the company, valued at $13,703,354.20. The trade was a 3.72% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.10% of the company’s stock.

Analyst Ratings Changes

ALKT has been the subject of a number of recent research reports. Stephens raised Alkami Technology from an “equal weight” rating to an “overweight” rating and set a $40.00 price target for the company in a research report on Thursday, March 13th. Lake Street Capital reduced their price target on Alkami Technology from $47.00 to $41.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. The Goldman Sachs Group cut their price objective on Alkami Technology from $39.00 to $32.00 and set a “neutral” rating for the company in a report on Monday, March 3rd. Barclays cut their price objective on Alkami Technology from $35.00 to $30.00 and set an “equal weight” rating for the company in a report on Monday, April 14th. Finally, JMP Securities reissued a “market outperform” rating and issued a $46.00 price objective on shares of Alkami Technology in a report on Thursday, May 1st. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.88.

About Alkami Technology

Alkami Technology, Inc offers cloud-based digital banking solutions in the United States. The company's Alkami Platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with the support of a proprietary, cloud-based, and multi-tenant architecture.